32317 - SocGenCroa

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Summary of Investment Information

Project Number

32317

Company Name

SPLITSKA BANKA D.D.

Date SPI Disclosed

Sep 4, 2012

Country

Croatia

Region

Europe

Projected Board Date

Oct 8, 2012

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 19, 2012
Signed : Dec 20, 2013
Invested : Jun 30, 2014

Sector

Commercial Banking - General

Project Description

The proposed Project involves a EUR50 million Loan to Societe Generale Splitska d.d. Split, Croatia (“the SGSB” or the “Bank”) for on-lending to small and medium enterprises (“SMEs”) and to companies operating within Agri-sector.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	65.03
Equity

Development Impact

- Increased Access to Finance: Increased funding for Agri-business and SME, which will significantly contribute to job creation in Croatia.
- Supporting Underdeveloped Regions: Through the Bank''s network the Project will allow access to finance to the most underserved regions, helping job creation and poverty reduction.
- Improving Environmental and Social Standards: IFC would help the Bank to develop an environmental and social management system ("ESMS") to assess environmental and social risks of its SMEs and agribusiness lending activities.
- Positive Market Signal: IFC''s long term debt in times of high global instability and uncertainty, at a time when capital is flowing out of the South Eastern Europe, is expected to provide market comfort and to send a strong signal to foreign investors on IFC''s confidence and support to Croatian banking system and the region.

E&S Category Rationale / Risks and Mitigation

This project consists of a loan to a new IFC Client, Societe Generale-Splitska Banka d.d. (SocGen Croatia), to be used for on-lending to small and medium enterprises (SMEs) and agri-sector companies. The project has been classified as a Category FI-2 project according to IFC’s Environmental and Social Review Procedure as the project involves targeted loan to SMEs and agribusiness with low to medium E&S risk in nature, SGSB will be required to ensure compliance with the IFC Performance Standards, the host country laws and regulations and the Exclusion List.

The key issue in this project is to ensure the Bank has adequate capacity to manage the E&S risks associated with the activities of its borrowers in line with IFC’s policy requirements, and to screen borrowers against IFC Performance Standards, the host country laws and regulations and the Exclusion List. SGSB has a system in place for reviewing operational risks (including evaluation of compliance with local environmental laws) which needs to be updated in line with IFC''s applicable requirements. SGSB will be required to appoint ESMS coordinator under the new IFC loan. Bank’s labor policies are in line with IFC’s Performance Standards requirements.

Contacts

For Inquiries About the Project, Contact

Frederique Guin
Chief Financial Officer

Splitska Banka
Societe Generale Group
Ulica grada Vukovara 284/XIII
10 000 Zagreb, Croatia

Tel: +385 1 63 27 916Fax: +385 21 433 173

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date	Status	Comments	Completion Date
Nominate officers		Completed	Completed
Establish SEMS		Completed	Completed
Develop guidelines		In Progress	In Progress
Staff Training		In Progress	In Progress

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